The Expense of Floods

Logbook loansFrom a cold snap to flood warnings! Britain certainly is experiencing some unwanted weather conditions at the moment.
It was earlier reported by the BBC met office that forecasters predict more heavy rain from Monday.

There have been around 60 flood warnings and about 240 alerts across Britain. This announcement comes only days after heavy snow that caused serious disruptions.

For many households in already on saturated ground, particularly in the south-west of England, are set to expect heavy floods. Some river levels have already peaked.

The cost of flooding is a serious concern for both victims and insurance companies paying out. For instance, if a property (1000sq) is flooded by around 6 inches from the floor, a majority of householder items would inevitably become ruined. These include: electrical and plumbing, carpets, interior wall finishes, appliances and personal items.

According to FloodSmart.gov the cost of the above list could set a household back as much as £13,000. Emergency situations like these mean households are set to struggle throughout the rest of the year.

Moreover, insurance companies have found themselves in the middle of a fiasco, as they are unwilling to insure properties that are considered as high risk in terms of flooding. There is a guarantee agreement between the Government and the association of British Insurers (ABI) that UK households are covered. However, this agreement is set to expire in June 2013.

Many consumers have started to financially plan ahead in light of the warnings. One method is that has proven to be popular is the use of Logbook loans. The benefits include a fast and efficient application in relation to acquiring a loan.

Logbook loans are secured against an individual’s vehicle that is free of finance. Secondly, the scheme is accessible to even consumers with bad credit histories and CCJ’s. Furthermore, they are 93% cheaper than payday loans, meaning a lot more flexibility with budgeting.

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